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A comprehensive set of multiple-choice questions and answers designed to prepare individuals for the psi real estate exam. It covers a wide range of topics relevant to real estate practices, including property ownership, financing, contracts, and legal aspects. A valuable resource for those seeking to obtain a real estate license.
Typology: Exams
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"What is the term for the money that was lent to a borrower in exchange for the promise of
"Javier and Karina own property and have the right of survivorship. What type of ownership to
"Salvador is the only owner of parcel of land without a condition. What type of ownership does
"The owner of a rental property in a college town wants to keep "a certain clientele" in its units to preserve "the integrity" among the property. When a rental applicant appears to not belong to this desired clientele, the landlord attempts to persuade the applicant to look elsewhere for
"What is the term for the court order that allows a lender to demand that the borrower pay any
Deficiency judgement"
"Karen and Lucy are entering into a contract for sale of land. Closing is to take place next month. Two weeks later, Lucy refuses to sell the land to Karen. Subsequently Karen gets a remedy from
"What law was passed to prevent lenders, real estate agents, and title companies from giving
Settlement Procedures Act (RESPA)"
"A seller is selling Ulysses' property and informs the broker in a letter that ulysses does not want to hear any offers below $100,000. A few days later, a prospective broker submits a $95,000 offer
"The cost approach uses several factors to determine the estimated replacement cost of a
estimated replacement of a property. Which factor is NOT used?" "A property sold for $200,000. The selling agent earned a 3% commission and has a 60/40 split with the agent's sponsoring brokerage (with the brokerage receiving the 40%). What amount will
"A buyer wants to purchase a seller's property buy can only get a loan for half the sales price. The seller agrees to carry a mortgage for the balance of the sales price. Which type of seller financing
"Russell owns land right next to a stream of water that passes across Russell's vast land. However, Russell does not use the water and just lets the water flow its natural course. Summer is a cattle farmer that lives five miles away down-stream and travels to the stream to collect water so that summer may water her cattle. One day, Russell decides that he's going to divert the stream so
"A building that is valued at $120,000 is being depreciated over 27.5 years. After 17 years, how
"Betsy is selling their grandmother's house to Christopher because Betsy's grandmother has since moved to Bota Raton. The house was built in 1963, but Betsy's grandmother did not own the property until 1982, after Betsy's grandfather was deceased. What must be given to Christopher
does not remain with the buyer in title theory states."
"A buyer recently told their broker that they were unsure whether they could obtain financing for
matter to the selling side" "Kyle and Luke are in a lease agreement, Luke is the tenant and Kyle is the landlord. Luke is the former owner of the premises that is currently being leased from Kyle for a long-term duration.
"Under the statue of, which of the following spoken, intended statements may constitute a valid
"In addition to the agent-principal relationship, which of the following would be considered a
"Esmerelda recently became unemployed and was unable to meet some of the financial obligations arising from their property, and now the government has a lien on Esmerelda's
"Under the Civil Rights Act of 1968, as originally passed, which of the following was not a
"A real estate license sold a house for $180,000. If the total commission on the transaction was
"Which document shows the transfer of money between parties at the conclusion of a
"While giving a tour to a prospective buyer, the broker says, "You will not find a better house than this; it's the best innthe neighborhood!" However, there are multiple properties avaliable in the
Puffing" "Meredith has a big event coming up on Friday, August 20, and they want their house by Wednesday, I will pay you $3,000." Neil responds, " I accept your offer, but it must be a cash payment." If there were no further contact between Meridith and Neil responds, "If you paint my house by Wednesday, I will pay you $3,000." Neil responds, "I accept your offer, but it must be cash payment." If there were no further contact between Meredith and Neil on that day, which
contract"
quiet enjoyment"
under the age of 18" "As part of the truth in lending act, a loan estimate is provided within three days of a buyer
taxes and insurance"
Recording"
"Zelda owns a property in a district that recently underwent a zone change, which has caused them extreme hardship in the use of property. The property has been in Zelda's Family for multiple generations, and Zelda wants to keep the property so that Zelda's heirs may use it.
variance"
auctions farmland"
"Under an eminent domain proceeding, what is the amount of compensation the property owner
"Quentin and Rachel entered contract. Subsequently, Quentin refused perform their obligation.
"Isaac and Jessica are in a lease agreement, Isaac is the the tenant and Jessica is the landlord. Isaac pays a fee for a leased premises that fluctuates based on an index. What type of lease is
"Recently, indigo rented a condo to Jackson. Jackson required instillation of a modification to accommodate a disability, and indigo allowed the instillation for Jackson's accommodation.
property" "Vincent and Wendy are married and are buying a property. Their combined annual income is $60,000. Subsequently, a lender determines that Vincent and Wendy qualify for payments that
"Global Company X wants to purchase several large tracts of adjacent properties but does not want to reveal interest in the land until the deals are done. Global Company X contracts with an agent, Alice, to act the principal in the transactions. In this scenario, which term best describes
"Wendy lives in a constructed home that was built ten years ago and was purchased from a builder. The written sales contract did not state any additional warranties regarding the property.
built ten years ago." "Dillion, a non-licensed professional, discovers an open source of asbestos in their commercial
"A developer recently developed land and homes to be sold on the market. In the covenants they recorded into record, they stated that the homes may be used only as single-family homes. Is this
"Briana and Caden are in a dispute on who owns a certain property. What type of lawsuit should
"A seller has prepaid landscaper service fees for a 3-month duration. The prepayment amount was $900. At the end of the 1st month, the property was sold to a buyer. What is the prorated
"Anthony tells Beverley, "If you paint my house before the weekend, Ill pay you $3,000." Beverly says, "Great, you've got yourself a deal." Anthony and Beverly shake hands. Subsequently, Beverly finishes painting the house on Friday. Which type of contract did the did the party create?
- CORRECT ANSWER They created unilateral contract" "A buyer named Bill is the client of a licensee named Laura, and they want to buy a house that
seller and buyer must be informed of the situation and agree to limited representation" "Recently, a buyer purchased a new home construction from a neighbor, who purchased it from a builder last month. The sales contract did not contain any additional warranties, and the neighbor did not inspect the property. Subsequently, a defect was discovered. May the buyer pursue a new
the jurisdiction"